No huge commentary today. But what struck me about the links in today's edition was how many were related to the loss of jobs and income both in the US and Europe. Rick Bookstaber's post about the Great Labor Reset has me thinking about how systemic these issues are. His thesis is that tough times are when employers make decisions that are unpopular at other times, using the events as cover for structural changes in the employee-employer contract.
The question is how long this can go on for without some sort of democratic backlash. Raghu Rajan's post below gets to some of the issues behind this and I will use this as the lead post to think about these issues. But you can see the jobs crisis runs right across Europe and the US and the pain is severe, even now 4 years after the crisis start...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.